Billionaire businessman Femi Otedola has firmly dismissed claims that he, alongside other top Nigerian business figures, provided financial support for the construction of the Dangote Petroleum Refinery.
In a recent clarification, Otedola described such reports as “completely false and misleading,” stressing that he did not contribute any funds to the multi-billion-dollar project owned by Aliko Dangote.
He further emphasized that at no point did Dangote request financial assistance from him, Tony Elumelu, or Mike Adenuga for the refinery’s development.
According to Otedola, the circulating claims appear to be based on misinformation, possibly fueled by public speculation surrounding the scale and cost of the refinery, which remains one of Africa’s largest industrial projects.
Industry sources also indicate that the Dangote Refinery was largely financed through a combination of Dangote Group’s resources and institutional funding, rather than personal contributions from other Nigerian billionaires.
Interestingly, Otedola hinted at a different kind of interest in the project, noting that he has instead sought participation in the refinery’s anticipated public offering, signaling confidence in its long-term economic potential.
The clarification comes at a time when the refinery continues to play a significant role in Nigeria’s energy landscape, with expectations that it will reduce dependence on fuel imports and strengthen the country’s foreign exchange position.